Social Security Increases Benefits by 1.5% for 2014

 The Social Security Administration has announced a cost of living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income (SSI) benefits. More than 57 million Americans will see the 1.5% increase in their payments beginning on December 31, 2013.

The increase is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers and was put in place to ensure the purchasing power of these benefits isn’t eroded by inflation. The increase is just less than the 1.7% jump that beneficiaries saw in 2013.

Keep in mind, all federal benefits must be direct deposited. So if you haven’t already started receiving benefits, you need to establish electronic transfers to your bank or financial institution.

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